State Budget for the Annual Transfer Amount

(1) The Minister of Finance shall include in the proposed State Budget for a financial year, (a) the Annual Transfer Amount or the financial year concerned, together with the calculation thereof and an explanation of the calculation in form and content readily understandable by ordinary persons; (b) the proportion (and amount) of the Annual Transfer Amount proposed to support the general funding requirements of the Government in the financial year concerned, including the reimbursement of the costs and expenses, of the Central Bank as mentioned in section 10(a) of Section 10 of this Act; (c) the respective budgets proposed for the financial year concerned by the Investment Committee and the Independent Oversight 24 Management Fund Board and the respective proportions (and amounts) of the Annual Transfer Amount to support the funding of those budgets. (2) The Minister of Finance shall include with the proposed State Budget estimates (and the calculation thereof), by the relevant persons mentioned in the Fourth Schedule and in the manner provided in that Schedule, of the Sustainable Permanent Income for each of the next two financial years, and of the Annual Transfer Amount or those years, including a reasoned commentary thereon highlighting, inter alia, (a) the bases for, and the uncertainties involved in, the estimates; (b) any differences (and the reasons therefore) from previous estimates; and (c) any differences (and the reasons therefore) between the last estimate for the current financial year and the Annual Transfer Amount for the current financial year. (3) The Minister of Finance shall provide the information mentioned in subsections (1) and (2) of this section to the Public Information Office within seven days after it is laid before the House of Representatives.